Question

In: Accounting

Pirates Incorporated had the following balances at the beginning of September.    PIRATES INCORPORATED Trial Balance...

Pirates Incorporated had the following balances at the beginning of September.
  

PIRATES INCORPORATED
Trial Balance
September 1
Accounts Debits Credits
Cash $ 5,000
Accounts Receivable 1,000
Supplies 6,100
Land 9,700
Accounts Payable $ 6,000
Notes Payable 1,500
Common Stock 7,500
Retained Earnings 6,800
Totals $ 21,800 $ 21,800

The following transactions occur in September.

Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 11). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

September 1 Provide services to customers for cash, $3,200.
September 2 Purchase land with a long-term note for $4,900 from Crimson Company.
September 4 Receive an invoice for $350 from the local newspaper for an advertisement that appeared on September 2.
September 8 Provide services to customers on account for $4,500.
September 10 Purchase supplies on account for $1,000.
September 13 Pay $2,500 to Crimson Company for a long-term note.
September 18 Receive $3,500 from customers on account.
September 20 Pay $750 for September's rent.
September 30 Pay September's utility bill of $1,250.
September 30 Pay employees $2,500 for salaries for the month of September.
September 30

Pay a cash dividend of $1,000 to shareholders.

Solutions

Expert Solution

Journal Entries
Date Particulars Debit Credit
01-Sep Cash $ 3,200.00
To Service Revenue $ 3,200.00
02-Sep Land $ 4,900.00
To Notes Payable $ 4,900.00
04-Sep Advertising Expense $    350.00
To Accounts Payable $    350.00
08-Sep Accounts Receivable $ 4,500.00
To Service Revenue $ 4,500.00
10-Sep Supplies $ 1,000.00
To Accounts Payable $ 1,000.00
13-Sep Notes Payable $ 2,500.00
To Cash $ 2,500.00
18-Sep Accounts Receivable $ 3,500.00
To Cash $ 3,500.00
20-Sep Rent Expense $    750.00
To Cash $    750.00
30-Sep Utilities Expense $ 1,250.00
To Cash $ 1,250.00
30-Sep Salaries Expense $ 2,500.00
To Cash $ 2,500.00
30-Sep Dividends $ 1,000.00
To Cash $ 1,000.00

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Pirates Incorporated had the following balances at the beginning of September.    PIRATES INCORPORATED Trial Balance...
Pirates Incorporated had the following balances at the beginning of September.    PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits Cash $ 5,400 Accounts Receivable 1,400 Supplies 6,500 Land 10,100 Accounts Payable $ 6,400 Notes Payable 1,900 Common Stock 7,900 Retained Earnings 7,200 Totals $ 23,400 $ 23,400    The following transactions occur in September. September 1 Provide services to customers for cash, $3,600. September 2 Purchase land with a long-term note for $5,300 from Crimson Company. September 4...
Pirates Incorporated had the following balances at the beginning of September.
Pirates Incorporated had the following balances at the beginning of September. PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits Cash $ 6,100 Accounts Receivable 2,100 Supplies 7,200 Land 10,800 Accounts Payable $ 7,100 Notes Payable 2,600 Common Stock 8,600 Retained Earnings 7,900 Totals $ 26,200 $ 26,200 The following transactions occur in September. September 1 Provide services to customers for cash, $4,300. September 2 Purchase land with a long-term note for $6,000 from Crimson Company. September 4 Receive an...
The following balances were included in the Adjusting Trial Balance of Q-Mart, Inc. at September 31,...
The following balances were included in the Adjusting Trial Balance of Q-Mart, Inc. at September 31, 2018 Note: not all balances from the adjusting trial balance were given: Sales $5,375,000 Depreciation Expense (admin) 91,300 Sales Discounts 15,000 Cost of Goods Sold 3,589,000 Property Tax Expense (admin) 17,000 Sales Salaries Expense 57,000 Bad Debt Expense (selling) 18,500 Sales Bonus Expense 17,500 Building expense (admin) 225,000 Travel expense 28,500 Freight-out (shipping) 37,000 Miscellaneous Expenses (admin) 15,000 Entertainment expense (customers) 6,000 Sales Returns...
This is the trial balance of Solis Company on September 30. SOLIS COMPANY Trial Balance September...
This is the trial balance of Solis Company on September 30. SOLIS COMPANY Trial Balance September 30, 2014 Debit Credit Cash $ 23,400 Accounts Receivable 6,800 Supplies 4,300 Equipment 10,200 Accounts Payable $ 9,000 Unearned Service Revenue 3,300 Common Stock 19,200 Retained Earnings 13,200 $44,700 $44,700 The October transactions were as follows. Oct. 5 Received $1,360 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,740. 15 Paid employee salaries $1,200. 17 Performed $640 of...
This is the trial balance of Cullumber Company on September 30. CULLUMBER COMPANY Trial Balance September...
This is the trial balance of Cullumber Company on September 30. CULLUMBER COMPANY Trial Balance September 30, 2022 Debit Credit Cash $ 24,020 Accounts Receivable 7,420 Supplies 4,210 Equipment 10,110 Accounts Payable $ 9,620 Unearned Service Revenue 3,210 Common Stock 19,820 Retained Earnings 13,110 $45,760 $45,760 The October transactions were as follows. Oct. 5 Received $1,380 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,870. 15 Paid employee salaries $1,030. 17 Performed $550 of...
Arbour Inc. had the following balances on its balance sheet at the beginning of year 4....
Arbour Inc. had the following balances on its balance sheet at the beginning of year 4. The balances in the two accounts are "normal" (so Accounts receivable is a positive asset and the allowance is a negative asset). Note that net realizable value is NOT an account balance. It is Accounts receivable net of the allowance balance. Accounts Receivable.................................61000 Allowance for uncollectible accounts........7300 Net realizable value...................................53700 During the year, Arbour recorded the following: --Sales on account of..................... $660000 --Collections on...
The trial balance of Kelso Company had accounts with the following normal balances: Cash, $8,000; Accounts...
The trial balance of Kelso Company had accounts with the following normal balances: Cash, $8,000; Accounts Receivable, $6,000; Equipment, $10,000; Accounts Payable, $9,000; Owner’s Capital, $15,000; Owner’s Drawings, $500; Service Revenue, $7,000; Rent Expense, $1,000; Salaries and Wages Expense, $3,000; and Advertising Expense, $2,500. In preparing the trial balance, the total in the debit column is
Rieb Incorporated has provided the following data for the month of September. There were no beginning...
Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Process Finished Goods Cost of Goods Sold Total Direct materials $ 3,870 $ 8,950 $ 47,470 $ 60,290 Direct labor 10,030 24,280 130,210 164,520 Manufacturing overhead applied 6,920 12,110 67,470 86,500 Total $ 20,820 $ 45,340 $ 245,150 $ 311,310 Manufacturing overhead for...
A company had the following balances: Beginning April balance in allowance for bad debt: $6,000 (credit)...
A company had the following balances: Beginning April balance in allowance for bad debt: $6,000 (credit) Beginning April balance in accounts receivable: $200,000 During the month of April the company recorded the following: Bad debt expense is calculated as using the percent of credit sales method. The percent is 2%. The company recorded the entry for bad debt. Collection of cash related to accounts receivables of $120,000 Additional sales on account of $90,000 What is the company's net realizable value...
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances:
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances: The following transactions took place during 2016 for Palicio Security Service 1. Paid the salaries payable from 2015. 2. On March 1, 2016, Palicio established a $100 petty cash fund to handles expenditures. 3. Paid $4,800 on May 1, 2016, for one year's lease on the company van in advance. 4. Paid $7,200 on May 2, 2016 for one year's office rent in advance. 5. Purchased $400 of supplies...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT